| 02 9982 2466

Updating a Will

A Will is an important part of keeping estates and finances organised, so it is important that individuals keep it updated to reflect their current circumstances.

In the absence of a Will, the law dictates how an estate is managed.  The government will use the estate to pay any outstanding bills, and then distribute the remainder to family members using a formula. If the deceased has no living relatives, then all the assets are paid to the state government.

A Will is able to be updated at any time, and should be reviewed following any significant changes in an individual’s family, life or finances.

There are various reasons as to why an individual would need to update their Will. These can include:

-marriage or divorce

-commencement of a de-facto relationship

-birth or adoption of a child

-death of a family member or beneficiary

-substantial changes in the value of an estate

There are two options available when updating a Will. Individuals can choose to prepare and sign a new Will that revokes the old one, or prepare and sign a codicil. A codicil is a separate document that adds to, or replaces, one or more provisions in an existing Will.

The best option will depend on the specific facts and circumstances of the individual’s situation.

Posted on 3 March '14 by , under Super.

Leave a Comment

You must be logged in to post a comment.

Join Our Mailing List!

Subscribe to our mailing list to receive all the latest financial newsletter updates as well as information on important dates on our business calendar.

Recent Updates

Firm News

What to consider when consolidating your super

The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can be costly as a result of account fees from multiple funds.To combat this, you may want to consolidate your super, which moves all your super into one account. Not only does this save on fees, but it also makes your super easier to manage and keep track of.

Before consolidating your super, it is important to do the following:

Research your funds' policy
Compare your active super accounts so you can make the right choice about which one you should close. Things to assess include:

  • Exit fees
  • Insurance policies
  • Investment options
  • Ongoing service fees
  • Performance of the funds

Check employer contributions
Changing funds may affect how much your employer contributes, as some employers contribute more to certain funds. Check your current accounts to see if changing funds will affect this. Once you have selected a super fund, regardless of whether you choose a new super fund or one of your existing ones, provide your employer with the details they need to pay super into your selected account.

Gather the relevant information
When consolidating your super, you will need to have the following details ready:

  • Your tax file number.
  • Proof of identity. This could include your driver's license, birth certificate or passport.
  • Your fund's superannuation product identification number (SPIN).
  • Your fund's unique superannuation identifier (USI).
  • Details of your previous fund.

Business Calender